Advanced financial Reporting Assignment PDF
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Added on 2021-05-27
Advanced financial Reporting Assignment PDF
Added on 2021-05-27
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Running head: ADVANCED FINANCIAL REPORTINGAdvanced financial reportingName of the studentName of the universityStudent IDAuthor note
1ADVANCED FINANCIAL REPORTINGTable of Contentsa.Introduction.........................................................................................................................2a.Revenue recognition...........................................................................................................3b.Asset recognition................................................................................................................5c.Liability recognition...........................................................................................................7d.Conclusion..........................................................................................................................8Reference..................................................................................................................................10
2ADVANCED FINANCIAL REPORTINGa.Introduction BHP Billiton is the Australian company that is engaged in the activities ofdevelopment, exploration, processing and production of oil, minerals and gas apart from pre-development for potash. The operating segments of the company are potash and petroleum,iron ore, copper and coal. The company was established in the year 1885 and it has it’sheadquarter in Melbourne, Australia. During the year 2001 Billiton company based in Britainand BHP company merged together to form the BHP billiton Group. Iron ore segment of thecompany mines the iron ore, copper segment of the company mines the the lead, silver,copper, uranium, gold, zinc and molybdenum whereas the coal segment of the companymines the thermal coal and metallurgical coal. The main objective of the company is to createlong-term sustainable value for the employees, shareholders, suppliers, contractors, businesspartners and suppliers. Further the company, zero harm to the environment, host communitiesand people and the compliance with the industry practice. At present the company has 9members in its board, out of which 8 directors are independent and 1 director is non-independent. Further, out of total 9 directors, 7 are non-executive directors. The companyreceived the Skills Development Summit Achiever Award 2013 as the Best Public SectorTraining Institution continuously for 3 years that is for the years 2011, 2012 and 2013. Thecompany achieved the dominant position by combining good judgement and luck (BHP2018). On the other hand Woolworths Supermarket is owned by Woolworths Limited. Thecompany was established in September, 1924 and at present it holds 80% of Australian supermarket. Headquarter of the company is in New South Wales of Australia. The main productsof the company are groceries that include fruits, vegetables, packaged foods and meat. Thecompany is also engaged in selling of DVDs, Magazines, household products, beauty and
3ADVANCED FINANCIAL REPORTINGhealth products, stationary items and baby products. At present the company has more than1000 stores all over Australia apart from 968 supermarket and 19 convenience stores thatcarries same logo. The company operates under 5 private or generic brand labels. Those are –Woolworths Select, Woolworths Homebrand, Woolworths Fresh, Macro Wholefoods Marketand Woolworths Gold. The homebrand deals with products related to daily householdrequirements and the groceries, Woolworth select deals with wide range of products thatinclude shampoo, food, potato chips and dog foods. The gold sector deals with the goldproduct, the Woolworths Fresh deals with yummy meals and fresh soups and the MacroWholefoods deals with wide range of products for the families and various other productslike vegetarian foods, organic foods and gluten free foods. At present the company has 8members in its board, out of which 7 directors are independent. Further, of all the 8 directors6 are non-executive director. The company is proud to get itself associated with the awardthat recognizes the young people’s achievements. Further, the company was named as the 3rdbest social media platform (Woolworthsgroup.com.au 2018). a.Revenue recognitionAs per AASB 15,BHP Billiton measures its revenue at fair values for theconsideration received or the revenue that is receivable based on meeting of the recognitioncriteria as follows –Sale of the services and goods - revenue generated from sale of services or goodswhile the significant rewards and risks associated with the goods or services arepassed on to the customer and when it is apparent that the revenue will be received (AReview of the IASB’s Conceptual Framework for Financial Reporting 2018). Further,the revenue to be recognized its amount shall be able to be measured reliably.However, based on the terms of the customers the recognition can be based on the
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